Market, product and competition: A start-up’s success template
The default setting of a start-up is failure, reads a SlideShare material titled Accelerated Startup & Pitching like a Boss by Kyiv Chasopys. But do not be deterred, not all start-ups end in failure.
A start-up is an experiment in search of a business model. So how it progresses depends on the entrepreneur, opines Steve Blank. Thus, it behoves entrepreneurs to, as Dave McClure puts it, determine what the start-up’s product is, who its customers are and how to make money. Put simply, because start-ups represent a plunge into uncertainty, entrepreneurs must employ the right strategy to scale up before dreaming of transitioning into a company.
But it is only he who wears the shoe that knows where it bites. And according to a school of thought, only an entrepreneur can teach entrepreneurship. So how do Nigerian emerging entrepreneurs see the above postulations? Read and enjoy our interview with an emerging entrepreneur Yemi Oluluna, CEO of Giddiphones.com and a mentee on Nigeria’s largest entrepreneurship community, Mara Mentor. He shares his experience growing a startup and the realities of entrepreneurship in Nigeria.
What‘s your background and why did you choose entrepreneurship as against a career?
Yemi: I am a software engineer by training and i worked briefly before launching my own venture. For me the immense opportunities in Nigeria and Africa as a whole steered me towards entrepreneurship, though the business terrain could be pretty hostile but i assure you that the rewards are immense for whoever weathers the terrain.
How would you describe the tech start up scene in Nigeria?
Yemi: I think we are doing well despite the challenges we face, but i think there is still a huge room for improvement as regards infrastructure, early stage financing etc.
What where the immediate challenges you faced as a start-up? Do you do any side jobs to support the demands of your start up?
Yemi: The immediate challenges we faced as a start-up was keeping up with our growth. The traffic to Giddiphones.com grew rapidly and my savings (which I was using to fund operations) could not keep up with the fast paced growth. We are currently bootstrapped and raising early stage financing in Nigeria is quite tasking, so I take up development jobs once in a while to finance our growth.
What role has mentorship played in shaping the growth and development of your Giddiphones.com?
Yemi: Mentorship has played a very important role in Giddiphones.com, I feel blessed to have two amazing mentors who have shaped everything from UX [user experience] development to business strategy. They have brought so much experience and knowledge to Giddiphones.com.
Moving forward, do entrepreneurs really need so much in terms of support systems, funding and incubation? How have support systems like Mara Mentor helped?
Yemi: Yes, start-ups entrepreneurs do need a lot of the things that you mentioned, and I really think that stakeholders need to understand that there is a key difference between start-ups and SMEs. There are similarities, but we are completely different, so the same support structure should not be used for both. Mara Mentor has been immensely helpful in promoting and bridging the mentorship gap, considering how hard it was before now to connect with business leaders for mentorship. Thanks to Mara Mentor for simplifying the process, and providing an excellent mentor-mentee support system.
What’s your advice for emerging tech entrepreneurs?
Yemi: Every technopreneur must know three things; 1. your market, 2. your product, and 3. your competition. These three are of utmost importance because they shape your business strategy. Don’t spend too much time planning, there is a no such thing as the perfect launch; it can only get better. I am not promising you that it will be easy, but i promise you that it will be worth it.
For more inspiring stories and resources on entrepreneurship, join the largest entrepreneurship community in Nigeria on www.mentor.mara.com or download the Mara Mentor app on Android and iOS stores. For inquiries, email:support@mentor.mara.com